Homework Answers
ANSWER : PRODUCT COST PER UNIT = $ 24
Calculation:
Direct material = $ 13328
Direct labor = $ 20222
Factory overhead = $ 12410
Total units produced = $ 1915
Product cost per unit =(direct material +direct labor+factory overhead )/Total units produced
= (13328+20222+12410)/1915
= 45960/1915
= $ 24
ANSWER:
b. DIRECT LABOR AND DIRECT COST ARE PRODUCT COST AND EXPENSED WHEN INCURRED
Explanation
Direct materials and direct labor are incurred at the time of production process and it constitute cost of production or the product cost.
Period cost is not directly related with production process.It is the indirect expenses incurred while selling and marketing the product.So direct material and labor will not relate to period cost.
Direct material and direct labor are incurred at the time of production and not when the goods are sold.
So we can say option a, c and d are not correct and option b is correct.
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